https://www.taxtmi.com/caselaws?id=755051 NCLAT Principal Bench allowed appeal against rejection of Section 7 IBC application. Corporate debtor failed to repay Rs.70,00,000/- loan despite documentary evidence including loan agreement, promissory note, audit report, and NeSL default record. Adjudicating Authority incorrectly dismissed application citing stamping issues and disputing loan classification. NCLAT held debt and default clearly established through substantive evidence, rejecting respondent's argument that loan was business rather than financial debt. Stamping deficiency did not outweigh clear proof of debt and default. Order set aside, CIRP initiation permitted. en-us Wed, 03 Jul 2024 00:00:00 +0530 Fri, 05 Jul 2024 08:20:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755051 NCLAT Principal Bench allowed appeal against rejection of Section 7 IBC application. Corporate debtor failed to repay Rs.70,00,000/- loan despite documentary evidence including loan agreement, promissory note, audit report, and NeSL default record. Adjudicating Authority incorrectly dismissed application citing stamping issues and disputing loan classification. NCLAT held debt and default clearly established through substantive evidence, rejecting respondent's argument that loan was business rather than financial debt. Stamping deficiency did not outweigh clear proof of debt and default. Order set aside, CIRP initiation permitted. Case-Laws Insolvency and Bankruptcy Wed, 03 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755051